NEOS GeoSolutions Closes $60 Million Financing Round

Capital from Existing and New Investors to Support Growth Strategy

January 18, 2011 07:30 AM Eastern Standard Time

HOUSTON--(BUSINESS WIRE)--NEOS GeoSolutions, Inc. today announced that it has successfully closed
on a $60 million financing round. New investors Energy Capital Group and
Bill Gates joined existing investors – including Goldman Sachs, Kleiner
Perkins Caufield & Byers, and Passport Capital – in this oversubscribed
funding round.

Commenting on the financing, Jim Hollis, President and CEO of NEOS,
stated, “We are delighted that our fundraising efforts attracted
interest from such high quality investors. I am thrilled that Energy
Capital Group and Bill Gates have joined our existing investors in this
round.

“Energy Capital Group is backed by Rawabi Holding, a leading Saudi-based
industrial conglomerate specializing in oilfield and industrial
services, contracting, and retail. For over three decades, Rawabi
Holding has proven to be a valuable commercial partner for more than 100
portfolio and joint venture companies headquartered in over 25
countries. Rawabi provides not only growth capital, but also access to
an extended international network of business and technology leaders who
are committed to building distinctive service companies in the Middle
East and North Africa. I look forward to working with Ali AlTurki,
Founding Partner and CEO of Energy Capital Group, as both our newest
Board member and as a strategic and commercial partner.”

NEOS – which provides exploration solutions to clients in the onshore
oil & gas and mining industries that help them determine where to
explore, lease, and drill – plans to use the proceeds to fund its
ongoing technology development program; expand its data acquisition and
data processing capacity; add functionality to its NeoSphere™ data
integration and interpretation system; and support general corporate
growth initiatives, including the expansion of its engineering, sales,
marketing, field operations, and customer service teams around the world.

W. Michael Long, Executive Chairman of NEOS, added, “Our investors share
a belief that we are at the dawn of a new age of natural resource
exploration. They believe that NEOS has the ability to drive the
development and commercialization of a new generation of geophysical
sensors capable of recording more measurements with greater accuracy
from the Earth’s surface and subsurface. When these measurements are
processed with advanced software algorithms that include
state-of-the-art geostatistical and intelligent search features, our
customers obtain more accurate 3D images of the subsurface at less cost
and in shorter periods of time compared to conventional subsurface
imaging techniques. Since 2006, we have been assembling a world-class
team of engineers and geoscientists and invested approximately $100
million to develop our multi-measurement interpretation methodology. The
additional capital that we have now secured allows us to further enhance
our data acquisition and interpretation platforms and to make our
geosolutions more widely available to our natural resource clients,
wherever they explore and operate.”

About NEOS GeoSolutions

NEOS helps exploration teams in the onshore oil & gas and mining
industries make faster, more informed decisions about where to explore,
lease and drill. In partnership with its clients, NEOS acquires and
simultaneously interprets multiple geological, geophysical, and
geochemical datasets to identify hydrocarbons and minerals in the
subsurface. The company is backed by a group of internationally
recognized investors, including Bill
Gates, Energy
Capital Group, Goldman
Sachs, Kleiner
Perkins Caufield & Byers, and Passport
Capital. For more information, visit www.neosgeo.com.